At the time of the initial review, if a file is considered complete and all information is accurate, the University will evaluate your eligibility based on general requirements and specific program requirements and offer a financial aid package designed to best meet your needs. The University will consider you for the most beneficial aid, such as grants, scholarships, and subsidized loans, before offering other types of aid, such as employment and unsubsidized loans. For programs with limited funding, applications received by the priority date are ranked in order of need and awarded until funds are depleted.
You will be notified of your award via a notification letter that will be mailed to your permanent home address. The Award Notification Letter lists the sources, amounts, and terms for which assistance is offered.
Disbursement of Funds No aid will be credited to your account until the aid award is finalized, and you have attended classes. If you have not provided requested documentation or submitted necessary applications (e.g. Master Promissory Note) in a timely fashion and the aid award is not finalized at the time down payment is due, you will be responsible for down payment from personal funds. Since outside scholarships and/or loan checks will not be available until after registration, you must be prepared to pay fees and purchase books from personal funds.
You must meet all Satisfactory Academic Progress requirements before any funds are posted to your account or released directly to you. If you do not meet the minimum requirements, you may appeal the decision in writing. For further information on appeals, see "Policy for Student Appeals." If you are receiving your first Stafford loan, you must complete entrance counseling before any loan funds are released or applied to your account. If your aid is not sufficient to cover the costs of tuition and fees, you must be prepared to pay the remaining account balance by the fee payment deadline.
Scholarships and Grants Awarded by Faulkner University These funds are first applied to your account for tuition and fees. Students receiving a scholarship or award from Faulkner University whose financial aid packages exceed the direct cost of education (tuition, fees, room and board) will not receive a credit or a refund. In these cases, the amount of the scholarship or award from Faulkner will be adjusted to preclude the awarding of a credit or refund.
Outside Checks All checks received by Financial Aid are transmitted to and disbursed by the Business Office.
Federal Work-Study Work-study funds are not credited against your tuition or fees. This award is earned by you for working a specified number of hours per week and is paid at an hourly rate. Paid monthly, work-study earnings are available to assist with the cost of books, supplies, and personal expenses.
Educational Loans The funds for Stafford Loans and Parent Loans for undergraduate students are received electronically and credited to your account if eligibility criteria have been met. First time loans require a Master Promissory Note to be submitted to the lender in a timely manner in order to ensure that funds are available before the fee deadline.
As with other awards, if your loan funds exceed the balance due the University, a check made payable to you will be available within 10 working days of the posting of the award in the Business Office. Any balance from a PLUS loan will result in a check made payable to the parent borrower and will be forwarded to the borrowerâ€™s home address.
Entrance/Exit Counseling A first time Stafford loan borrower is required to participate in an Entrance Counseling Session prior to receiving the first disbursement of a loan. A student who is graduating or withdrawing from Faulkner is required to participate in an Exit Counseling Session. Both of these sessions can be done electronically by going directly to the session here and choosing "Entrance Counseling" or "Exit Counseling" respectively.
If you need to find your previous loans for the Exit Counseling Session, visit www.nslds.ed.gov to find out who services your student loans and how to contact them.
You should contact your financial aid counselor if you have any questions. Our office hours are 8:00am-5:00pm Monday through Friday, except University holidays, and our mailing address is:
Financial Aid Office
5345 Atlanta Hwy
Montgomery, AL 36109
334 | 386-7195
334 | 386-7201 (fax)